India, July 30 -- Resideo Technologies, Inc. (REZI), Wednesday announced that it has entered into a definitive agreement with Honeywell International Inc. (HON) to accelerate and eliminate all future monetary obligations under the Indemnification and Reimbursement Agreement.
As per the terms of the deal, Resideo will make a one-time cash payment of $1.59 billion to Honeywell in the third quarter of 2025.
Upon the closing of the deal, the Indemnification Agreement will terminate, resulting in the elimination of Resideo's obligation to make annual payments to Honeywell of upto $140 million through year-end 2043.
The company intends to finance the payment to Honeywell through a combination of approximately $400 million of cash-on-hand and n...